'Real Money' Radio Recap: Raising Your Risk Tolerance

"A frightening number of companies I would never consider talking about are now on my radar," Jim Cramer said Tuesday on his "RealMoney" radio show.

Cramer said energy plays that historically have been very risky "are going to work in an environment where oil is much higher than anybody thought it would be."

He mentioned Capstone Turbine (CPST Quote), Syntroleum (SYNM Quote), Rentech (RTK Quote) and Distributed Energy Systems (DESC Quote).

Cramer said solar plays such as Evergreen Solar (ESLR Quote), which has some potential in Europe, and Cypress Semiconductor (CY Quote), which has a "nifty" solar business that is about to be spun off, have a chance to do well.

Cramer also mentioned "wild" natural gas play Chesapeake Energy (CHK Quote), oil service companies such as Schlumberger (SLB Quote), oil rig manufacturers like National Oilwell Varco (NOV Quote) and rig leasing companies such as Transocean (RIG Quote) and Grey Wolf (GW Quote). The safest energy plays now are the ones that used to be the most dangerous, said Cramer.

Tuesday's Danger Zone stock was Abercrombie & Fitch (ANF Quote). Cramer said apparel retailers are suffering from too much denim, a not-so-great back-to-school season and high oil prices. Cramer is especially worried about Abercrombie & Fitch after the company announced Monday its president would leave the company after just 15 months.

"There's something wrong, but I don't know what it is." There's no reason to be in the stock until you find out more, said Cramer. He recommends selling ANF on a bounce.

Cramer was also bearish on Delphi (DPH Quote). He believes the company won't be able to restructure its debt satisfactorily.

A caller asked about San Juan Basin Royalty Trust (SJT Quote). Cramer recommended taking some profits and letting the rest run. An emailer asked about RITA Medical Systems (RITA Quote). Cramer recommended selling the stock upon the company's mid-September launch of its newly approved surgical device.

An emailer asked about St. Jude Medical (STJ Quote). Cramer said St. Jude was a very good stock to own in this environment as it is not economically sensitive and has excellent products.